Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/CAD: sell target - 1.2100

  • USD/CAD broke major support level 1.2400
  • Next sell target - 1.2100

By: Dima Chernovolov

USD/CAD recently broke sharply below the powerful support level 1.2400 (which has been reversing this currency pair from the start of February, as you can see from the daily USD/CAD chart below). The breakout of this support level was preceded by the breakout of the upward-sloping support trendline from last November – which accelerated the active minor impulse wave 3 (which belongs to the intermediate (C)-wave from the middle of March).

Having recently reversed down from the 38.2% Fibonacci Correction of the previous downward price impulse from the start of April - USD/CAD is likely to fall further toward the next sell target at the support level 1.2100.

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